A DRAGONS’ Den-backed fashion business has closed a year after being given a £100,000 investment from Steven Bartlet.
Entrepreneurial brothers Ben and Joe Gallagher founded Luxe Collective in 2018 from their bedroom with nothing to their name.
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But over seven years they managed to generate over £30million in revenue and become globally recognised with deals in Tokyo, New York, and Milan.
Business titan Sara Davies even told Ben and Joe they were too successful to invest in when they appeared on Dragons’ Den last year.
On the show, Ben revealed he was inspired by his sister’s desire for an expensive pair of £400 designer trainers for Christmas.
His mum managed to source a pair from an online market place for just £100.
From then on he poured everything into snapping up second-hand items and selling them on.
Steven Bartlett believed in the Merseyside brothers and offered to invest an eye-watering £100,000 into the second hand designer outlet for just three per cent.
But disaster struck in July 2024 when robbers raided their Lancashire warehouse and made of with over £500,000 worth of goods.
Lancashire Police were unable to track down the thugs and ultimately closed the case.
After the burglary, Ben told his followers insurance cover had paid out the money lost – but stock was still an issue.
And, despite the cash influx from Bartlett, the brazen theft crippled the company, according to Ben.
The devastated founder, 25, announced the brand would be shutting down in an emotional statement on TikTok.
He revealed all of their employees were now without jobs.
Ben told his three million followers: “Luxe Collective is closing down. I never thought I’d have to say this but the company I created seven years ago at just 18 years old will no longer exist.
“After a year-long fight after we were broken into last year, in which both me and my brother were doing all we could just to get us through to the next day, we are no longer able to continue.”
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The young entrepreneur said the ordeal had left him “mentally and physically drained”, and throwing in the towel actually came as a “relief”.
He also took accountability of the closure and admitted the robbery took a toll on his “leadership” as well “strategic decision making”.
But again Ben slammed the robbers and said: “They’ve ruined the livelihoods of not just me and my brother, but all the amazing staff that we have had to make redundant and who’ve lost their jobs in the process.
“Although we have failed in succeeding with the brand, there are still things that no one will be able to take away from me.”
After hailing Luxe Collective, the proud creator added: “But most importantly, I built a relationship with my brother that would never have existed without going on this journey with him. Now, we’re both back to square one.
“Not left with much except the seven years of priceless experience and a fresh head to start something new with.
“To any customers this may affect, please reach out through the appropriate channels, and we will get back to you as soon as we can.
“To everyone who is reaching out publicly and privately, you don’t understand how much it means during a time like this – thank you.”
A Lancashire Police spokesman confirmed: “This crime has been investigated as far as reasonably possible, and the case has been closed pending further investigative opportunities becoming available.”
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